Ally Bank has been in business since 2009, serving consumer banking needs. And I'm sure you filed out more than just ss. You can rest assured that your funds (up to $250,000 per depositor) are backed by the U.S. government. Ally Bank is also known as Ally Financial. New comments cannot be posted and votes cannot be cast, Important Information About Opening a New Account, More posts from the personalfinance community. Right on their website. Once you set up your accounts, don’t forget to enforce other safety measures like setting secure passwords, using two-step authentication and surfing the web responsibly. You can call the Ally Fraud Hotline directly, instead of working through a phone tree. At the time of writing, unfortunately, this isn’t something Simple Bank offers its users. In fact, none of Ally’s accounts charge service fees and they all earn at great rates, especially the Ally CDs. You can do that, too. It also asked you for your name, address, etc and some ways to fund the account. Join our community, read the PF Wiki, and get on top of your finances! It asked me for SSN only. New comments cannot be posted and votes cannot be cast . Ally Bank is a part of the Allpoint Network. Ally Bank is a trusted and safe bank. This thread is archived. I'm setting up my first bank account, and I've searched for reviews on the most well known online banks (USAA, Ally, Schwab). This insurance keeps your money safe even when the economy or Ally isn’t doing well. Press question mark to learn the rest of the keyboard shortcuts. And they can boast of reliable and friendly live … I just opened up an online bank account on Ally. Ally Bank is a Member FDIC and Equal Housing Lender , NMLS ID 181005. Credit products and any applicable Mortgage credit and collateral are subject to approval and additional terms and conditions apply. Given the pricing, ease of use and personalized customer experience, Ally Invest (read review) is an excellent broker for a beginning investor. To help the U.S. government fight terrorism and money laundering, federal law requires us to obtain, verify and record information identifying each person opening an account. Each account owner must be 18 or older and provide: A Social Security or Tax Identification number. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. However, Axos offers extra perks like ATM fee reimbursements. Our experience with Ally Bank could not have been worse had they tried to torture us. Simple: Overdraft fees Have had Ally for probably a decade — love them, no issues. It offers not … Ally’s roots go back to 1919 when it started out as GMAC, the finance arm of automaker GM. Online banks know they’re a hacking target and work hard to keep their – and your – assets safe. Though be aware that a penalty will incur if you make an early withdrawal. If you need to withdraw cash, you’ll have access to over 55,000 ATMs in the Allpoint® ATM network. Ally Bank also offers free Webroot® SecureAnywhere™ anti-virus and anti-malware software. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. Learn about budgeting, saving, getting out of debt, credit, investing, and retirement planning. As to American Express...do you live in a cave? 1 decade ago. They also tend to raise a few eyebrows. In fact, Axos does away with many fees by offering checking and savings accounts with no monthly service fees. Yes. Entirely online, Ally Bank fits this description, with competitive rates and around-the-clock support. How Much Do I Need to Save for Retirement? Photo credit: ©iStock.com/cnythzl, ©iStock.com/Eva-Katalin, ©iStock.com/Wavebreakmedia, Bank of America® Travel Rewards Visa® Credit Card Review, Capital One® Quicksilver® Cash Rewards Credit Card Review, The Federal Deposit Insurance Corporation, 7 Mistakes Everyone Makes When Hiring a Financial Advisor, 20 Questions to Tell If You're Ready to Retire, The Worst Way to Withdraw From Your Retirement Accounts. If your accounts were to be hacked, though, you won’t be liable for those fraudulent charges and activity. Presumably you have already passed identity checks by a local bank and have an account there that you can link to Ally. Want to open multiple accounts at once? Don't be surprised if you are asked next week to provide scans of your ID and proof of address. You can open an Ally account online, over the phone or with a mail-in application. This means if Ally Bank defaults, the federal government guarantees the balance in your deposit accounts, up to $250,000 per account. Under that, you'll find additional details on our editors' picks for the best online banks and why we chose them. Good luck. I’ve seen a lot of posts with people questioning whether Ally is a legitimate bank, etc. When I went to Chase, they asked me for a lot of stuff. What makes a bank "reliable" OP? It asked me for SSN only. If Ally is taken over by another bank, they will either honor the CDs or the Fed will pay back depositors all insured funds, typically in a couple of weeks. The easiest method may be finding the type of account you want to open on the website and clicking “Open Account.” Once you enter your information, including your Social Security number, email address, mailing address and date of birth, you’ll be able to fund the account. If you provided a fake name or address, you won't be able to use/get the debit card and checks, or complete the signature card. The bank rebranded in 2009 as Ally Bank, a straight-talking online bank. You can do all your banking with Chase online, does this make them less reliable? Online banks offer some of the best interest rates in the industry. 10 comments. It offers not only security but also some peace of mind. The FAQ page also offers a host of helpful information. You can bank right from your couch in your pajamas. There might be a few cases where a consumer is not going to touch his or her money for years, and they’d be happy with a rival bank that has a very slightly higher rate. As we mentioned, Ally Bank operates completely online at ally.com. share. ALLY Bank ALLY is a scam and a ripoff Internet *UPDATE EX-employee responds : You are not alone in your complaints about Taxpayer Owned Ally Bank Print this Report Ally Bank is an industry leader in online banking and high yield savings accounts. No driver license, no passport. It’s a bank with a very interesting history that we’ve recently reviewed. If you’re concerned about how safe your money is while held in an online bank, you’ll find that Ally offers many of the same guarantees as a traditional bank. Years ago, I made Ally Bank my main online bank. That gives Ally Bank checking account customers access to 55,000 in-network ATMs. Learn more about Ally Bank at Bankrate.com today! It is also ranked among the top 20 US banks with the most robust and most reliable asset base. Ally offers better rates overall. Accessing your money with Ally Bank is as simple as setting up your account. We discovered some interesting facts about the company when looking through its past and present. When I went to Chase, they asked me for a lot of stuff. You can easily open a new, or additional. I contacted Ally Bank to let them know that his car was at our house and he had passed away. Lv 7. The bank offers good checking and savings account options. Ally employs the best safety measures to keep you and your finances safe. Oh, and they do check your identity. My wife and I spoke with over 10 people over the next 4 months, and not one expressed any sympathy our loss, and it was obvious they could care less. Plus, Ally offers dedicated banking and credit card customer service teams available 24/7 should you need. I would only concern myself with the banks finances if I were to deposit over the FDIC insurance amount. Chase asked for a lot of identification papers face to face but Ally didn't ask me for anything other than SSN. Ally Bank's mobile banking app is available for Apple and Android phones. sorry i meant the application process. This Internet bank won't charge you monthly maintenance fees or require you to keep a minimum balance. Many banks require a deposit of $1000, but Ally Bank doesn’t require a minimum deposit amount. Ally Bank may not have branches like a traditional bank, but it does follow the same rules and regulations as big names like Chase or Citibank. As with any bank, be sure to shop around for one that truly offers the best security, services and accounts before handing over your money. Ally Bank offers a High-Yield Certificate of Deposit with varying interest rates that depend on the length of the term. Power 2019 Direct Banking Satisfaction Study. 1 decade ago. Compare Synchrony Bank with Ally Bank, side-by-side. Ally also employs several privacy protection measures to combat the risks that come with the internet. Second post of yours reference the reliability of online banks, it's FDIC insured. Peter B. Lv 4. In the event you can’t access one of those ATMs, Ally will reimburse up to $10 per billing cycle for out-of-network ATM fees. If you’re worried about the security that Ally Bank can offer, you don’t need to worry. Ally’s customer service is very dependable that in fact, it has earned second place in the 2019 J.D. At Ally, these expenses do not exist, so customers at Ally Bank enjoy zero monthly or annual bank maintenance fees. It asked me for SSN only. Is Ally a safe bank? You can either link a non-Ally account and transfer money electronically, mail a check, use its patented eCheck Deposit™ system for a mobile deposit or set up a wire transfer. I just opened up an online bank account on Ally. So what's going on with Ally? I have an account with them, have had zero issues. How does a bank having a building make them more or less reliable? hide. In addition, customers are not forced to make a certain number of transactions per month or per quarter in order to avoid fees. Do you suspect fraud? For those with interest in options the broker is even better choice, due to its specialization in this trading vehicle. 14% Upvoted. Though if I recall right, after you set up the account they do ask for a photo copy of your ID. Beware that they will measure you based upon your FICO score when opening an account, as well as your initial deposit may take slightly longer than a local bank because of the processing time … To determine whether Ally is right for you, check out what services it offers and compare them with your own banking needs. Once you have an account, you can log into your online account with your login and password. report. If you’re looking for a car loan, it’s an option that is well worth checking out. This insurance keeps your money safe even when the economy or Ally isn’t doing well. While safety is certainly an important consideration when choosing a bank, it isn’t the only one. As an FDIC-insured bank, Ally will make good on your deposits with the help of the federal government. Most likely, the FDIC will sell the bank’s assets to another bank, so your account would simply be housed elsewhere. Good rates & FDIC insurance at Ally Bank ---- I let them in my cave. Back to top Ally Bank vs. You can also enroll in direct deposit with a new savings account or checking account. How reliable is Ally Bank? In addition to avoiding unnecessary fees, you’ll want to make sure your money is growing as best as it can, too. Saving. I've never heard of this bank before and I'm curious to get some more - 542555 Press J to jump to the feed. Is Ally Bank Safe? They're fine too. While Ally Bank offers high interest on their Savings account. Ally Bank has a very reliable customer service support, which is available 24/7 via phone, live chat, and email. You can link up to 20 external accounts to your Ally account. Still, many wonder: Is Ally Bank safe? You can reach a representative by phone, over email or through the onsite chat platform. Then you can manage deposits, withdrawals and transfers with Zelle® for any account. Because Ally Bank is not a traditional bank, it has no physical branch locations, which could be limiting for consumers who prefer in-person banking. It also offers interest checking and multiple CD options, including No Penalty and Raise Your Rate CDs. Ally Bank is FDIC (Federal Deposit Insurance Corporation) insured. Online banks still must follow the same rules and regulations as brick-and-mortar … I switched from SunTrust years and years ago, very happy with the decision. Ally uses multiple forms of encryption on its accounts and monitors them regularly. Meanwhile, choose Chime Bank if you want mobile banking that comes with money management and savings tools as well. You can also download Ally’s mobile app to manage your accounts from your mobile device. Read on to learn how Ally Bank works, what makes it a safe place to store your cash and how to decide if you should make the switch. Same. We may ask to see your driver's license or other identifying documents. Overall, ALLY bank is a convenient option that offers competitive rates with no minimum balance, as well as being backed by the FDIC so you know that your money is safe. Ally bank used to be GMAC bank and is very reliable. Both Axos and Ally offer a full suite of reliable, inexpensive and effective products. No driver license, no passport. Ally Bank's Interest Checking Account provides greater flexibility than most by providing consumers with a debit card, and free access to a network of ATMs. Their rates are always above the norm. 1 0. Are online banks safe to use in general? I've been using Ally Bank (GMAC) for over 5 years now. Physical banks are out of the question, I'm not trying to pay money to have my money simply exist somewhere else (I don't make that much income, so I'd like to keep it for myself). Ally Bank’s SmartAuction online platform was launched in 2000 to provide a competitive point of convergence for buyers and sellers interested in car auctions. If you really value face-to-face time with a banker and physical paperwork, it may not be for you. Is Ally bank reliable? Ally Financial is a bank holding company organized in Delaware and headquartered in Detroit, Michigan. Ally Bank is an online-only bank offering competitive deposit accounts and other financial services. If you prefer online banking and want to get access to loans, high-yield deposit products and credit cards, this is a good solution for you. Sort by. With no minimum, association with a great bank in Ally Bank, it's a good place for any investor looking to start investing. This means you never have to wait in line at a branch, file paper statements or wait to access your funds. I've been using them for years and have never had any issues. Ally Bank has over 6 million online savings account customers. No driver license, no passport. 0 0? But to make things simple, we got to say choose Ally Bank if you want something that has a wide variety of product selections, as well as higher interest rates. I suspect better than Amex. Both Ally Bank and Chime Bank offer competitive financial products — depending on the financial situation you are in. If you prefer the phone, check the website for an estimated hold time. Why Ally Bank is Safe. For one, the The Federal Deposit Insurance Corporation (FDIC) insures Ally Bank and its deposits up to the maximum, federally designated limit of $250,000. If Ally’s assets can’t be sold for any reason, the FDIC will send you a check or deposit directly for your current balances within a few days of a hack or closure. It's also available for Windows phones, but it doesn't have all the features the other platforms have. Ally Bank Review Bottom Line. Ally Bank may not have branches like a traditional bank, but it does follow the same rules and regulations as big names like Chase or Citibank. They’ve been around for a very long time. save. Anyone who has seen high ATM fees chip away at his or her bank accounts knows how valuable that is. Or there might be a high net worth individual who needs to transfer $1,000,0000 at a time. Ally’s online chat service is reliable and even lists estimated wait times so folks can get on with their day if the virtual line is too long. Compare the Top 3 Financial Advisors For You. Ally does have one of the best checking accounts on the market since it’s free and earns interest. Ally is FDIC insured for up to $250,000 per account. Ally Bank is an online bank with high-interest checking and savings accounts that will embarrass your local brick and mortar bank options. Ally Bank. For one, the The Federal Deposit Insurance Corporation (FDIC) insures Ally Bank and its deposits up to the maximum, federally designated limit of $250,000. i wonder if people are often unaware that Ally is GMAC, and changed their name ten years ago. Ally Invest is a great all-around brokerage account because of its $0 minimum and commission-free trades on stocks, options, and ETFs. Of course, Ally won’t be the right bank for everyone. Whether that means they are any good is up for debate but they aren’t fly by night. Find out how Ally Bank is rated and compare its account fees, read customer reviews, and latest bank accounts rates.. Paramount Bank: Best for Interest Checking; Truist: Best for Mobile App; We partnered with the following banks to bring you the savings account offers in the table below. The company provides financial services including car finance, online banking via a direct bank, corporate lending, vehicle insurance, mortgage loans, and an electronic trading platform to trade financial assets. I just opened up an online bank account on Ally. The easy-to-use mobile app and innovative customer service offerings don’t hurt either. With Ally Bank, there is no minimum amount required to open an interest-bearing checking account. If the bank is FDIC insured, you can be confident that your money is safe. I just saw a commercial for a 1-yr 2.00% fixed CD with Ally Bank. For one, being an entirely online bank without branches and the ability for cash deposits may be more of an inconvenience for many customers. Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company. There is no minimum deposits or service fees for any of their banking products. Ally Bank offers thorough security measures, but your account safety is your responsibility, too. Ally Bank is a full-service online bank offering competitive rates, low fees, no minimums and 24/7 customer service. So what's going on with Ally? Is identity theft common since SSNs and names are easy to obtain? Settings like suspicious activity text and email alerts, session timeouts and fraud monitoring also keep your information secure. In most cases, they’re just like any other bank only without physical branch locations. I still keep a Bank of America account for quick ATM access, despite Ally’s ATM reimbursement program, but I keep that around because of inertia more than any other reason. The website and your information is protected by firewalls, SSL data encryption and multi-factor authentication. One article even said it was the leader of online banking, but I saw that its BBB rating was only C+.